Bill Text: MS HB1648 | 2026 | Regular Session | Enrolled
Bill Title: Gulf Coast Restoration Revolving Loan Program; establish.
Sponsorship: Bipartisan Bill
Status: (Vetoed) 2026-04-15 - Veto Overridden [HB1648 Detail]
Download: Mississippi-2026-HB1648-Enrolled.html
MISSISSIPPI LEGISLATURE
2026 Regular Session
To: Appropriations E; Appropriations A
By: Representatives Read, Cockerham
House Bill 1648
(As Sent to Governor)
AN ACT TO ESTABLISH THE GULF COAST RESTORATION REVOLVING LOAN PROGRAM FOR THE PURPOSE OF PROVIDING LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR ELIGIBLE PROJECTS IN THE GULF COAST REGION; TO PROVIDE THAT THE PROGRAM SHALL BE ADMINISTERED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION AND THE SOUTH MISSISSIPPI PLANNING AND DEVELOPMENT DISTRICT; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE DESIGNATED AS THE GULF COAST RESTORATION REVOLVING LOAN PROGRAM FUND; TO PROVIDE THAT MONIES IN THE REVOLVING FUND SHALL BE ADMINISTERED BY THE DEPARTMENT AND THE DISTRICT, AND SHALL BE USED, ONLY UPON APPROPRIATION BY THE LEGISLATURE, FOR THE PURPOSE OF PROVIDING LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR ELIGIBLE PROJECTS, WHICH SHALL BE DETERMINED BY THE LEGISLATURE BY SEPARATE LINE ITEMS IN AN APPROPRIATION BILL; TO PROVIDE THAT AFTER THE MISSISSIPPI DEVELOPMENT AUTHORITY HAS PRESENTED THE LEGISLATURE WITH THE APPLICATIONS FOR ASSISTANCE AND ITS RECOMMENDATIONS FOR ASSISTANCE TO INDIVIDUAL PROJECTS FROM THE GULF COAST RESTORATION FUND (GCRF), THE LEGISLATURE MAY AUTHORIZE LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR INDIVIDUAL ELIGIBLE PROJECTS UNDER THIS ACT; TO PROVIDE THAT THE LEGISLATURE SHALL DETERMINE THE INDIVIDUAL PROJECTS FOR WHICH LOAN ASSISTANCE WILL BE PROVIDED UNDER THIS ACT BY SEPARATE LINE ITEMS IN THE APPROPRIATION BILL FOR THE DEPARTMENT OF FINANCE AND ADMINISTRATION; TO PROVIDE THAT AN ELIGIBLE APPLICANT MAY RECEIVE LOAN ASSISTANCE UNDER THIS ACT IN ADDITION TO RECEIVING ASSISTANCE FROM THE GCRF, AND AN ELIGIBLE APPLICANT MAY RECEIVE LOAN ASSISTANCE UNDER THIS ACT WITHOUT RECEIVING ASSISTANCE FROM THE GCRF; TO PROVIDE THAT IT IS NOT A REQUIREMENT THAT AN ELIGIBLE APPLICANT BE A RECIPIENT OF ASSISTANCE FROM THE GCRF IN ORDER TO RECEIVE LOAN ASSISTANCE UNDER THIS ACT; TO PROVIDE THAT THE DEPARTMENT SHALL PROVIDE THE DISTRICT WITH MONIES FROM THE REVOLVING FUND THAT ARE SUFFICIENT TO MAKE THE LOAN ASSISTANCE THAT HAS BEEN AUTHORIZED BY THE LEGISLATURE IN THE APPROPRIATION BILL; TO PROVIDE THAT THE INTEREST RATE ON LOANS MADE UNDER THIS SECTION SHALL BE DETERMINED BY THE DISTRICT, BUT NOT MORE THAN THREE AND ONE HALF PERCENT PER ANNUM FIXED INTEREST RATE; TO PROVIDE THAT THE DISTRICT SHALL ADMINISTER THE LOANS MADE UNDER THIS ACT BY DISTRIBUTING THE FUNDS TO THE RECIPIENTS AND RECEIVING THE REPAYMENTS OF PRINCIPAL AND INTEREST DERIVED FROM LOANS, WHICH SHALL BE DEPOSITED IN THE REVOLVING FUND TO BE USED FOR ADDITIONAL LOAN ASSISTANCE; TO PROVIDE THAT THE DEPARTMENT SHALL PROMULGATE SUCH RULES, REGULATIONS AND PROCEDURES AS NECESSARY TO EFFECTUATE THE PURPOSES OF THIS ACT; TO PROVIDE THAT ALL EXPENSES OF THE DEPARTMENT IN CARRYING OUT ITS DUTIES AND RESPONSIBILITIES UNDER THIS ACT SHALL BE PAID FROM FUNDS IN THE REVOLVING FUND; TO REQUIRE THE DEPARTMENT TO FILE AN ANNUAL REPORT WITH THE SPEAKER OF THE HOUSE, THE LIEUTENANT GOVERNOR, THE CHAIRS OF THE APPROPRIATIONS COMMITTEES OF THE HOUSE AND THE SENATE, AND THE LEGISLATIVE BUDGET OFFICE NOT LATER THAN DECEMBER 1 OF EACH YEAR, WHICH SHALL INCLUDE DETAILED INFORMATION REGARDING CERTAIN SPECIFIC AREAS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) As used in this section, the following terms have the meanings as defined in this subsection unless the context clearly requires otherwise:
(a) "Department" means the Department of Finance and Administration.
(b) "District" means the South Mississippi Planning and Development District.
(c) "Eligible applicant" means an applicant who is eligible for assistance from the GCRF under Section 57-119-1 et seq.
(d) "Eligible project" means a project that is eligible for assistance from the GCRF under Section 57-119-1 et seq.
(e) "GCRF" means the Gulf Coast Restoration Fund created under Section 57-119-1.
(f) "Program" means the Gulf Coast Restoration Revolving Loan Program established in this section.
(g) "Revolving fund" or "Fund" means the Gulf Coast Restoration Revolving Loan Program Fund created in this section.
(2) There is established the Gulf Coast Restoration Revolving Loan Program, which shall be administered by the department and the district as provided in this section for the purpose of providing loan assistance to eligible applicants for eligible projects.
(3) There is created a special fund in the State Treasury to be designated as the Gulf Coast Restoration Revolving Loan Program Fund. The revolving fund shall consist of funds appropriated or otherwise made available by the Legislature in any manner for the revolving fund, funds from any other source designated for deposit into the revolving fund, and repayments of principal and interest derived from loans made from the revolving fund. Monies in the revolving fund shall be administered by the department and the district, and shall be used, only upon appropriation by the Legislature, for the purpose of providing loan assistance to eligible applicants for eligible projects, which shall be determined by the Legislature by separate line items in an appropriation bill. Unexpended amounts remaining in the revolving fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the revolving fund shall be deposited to the credit of the revolving fund.
(4) After the Mississippi Development Authority has presented the Legislature with the applications for assistance and its recommendations for assistance to individual projects from the GCRF under Section 57-119-9, the Legislature may authorize loan assistance to eligible applicants for individual eligible projects. The Legislature shall determine the individual projects for which loan assistance will be provided under this section by separate line items in the appropriation bill for the department. An eligible applicant may receive loan assistance under this section in addition to receiving assistance from the GCRF, and an eligible applicant may receive loan assistance under this section without receiving assistance from the GCRF. It is not a requirement that an eligible applicant be a recipient of assistance from the GCRF in order to receive loan assistance under this section.
(5) The department shall provide the district with monies from the revolving fund that are sufficient to make the loan assistance that has been authorized by the Legislature in the appropriation bill. The interest rate on loans made under this section shall be determined by the district, but not more than three and one-half percent (3.5%) per annum fixed interest rate. The district shall administer the loans made under this section by distributing the funds to the recipients and receiving the repayments of principal and interest derived from loans, which shall be deposited in the revolving fund to be used for additional loan assistance.
(6) The department shall promulgate such rules, regulations and procedures as necessary to effectuate the purposes of this section. All expenses of the department in carrying out its duties and responsibilities under this section shall be paid from funds in the revolving fund.
(7) The department shall file an annual report with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the House and the Senate, and the Legislative Budget Office not later than December 1 of each year, including detailed information regarding at least the following specific areas:
(a) Receipts and expenditures of the funds received and provided as loan assistance under this section;
(b) Expenditures for all administration expenses of department in carrying out its duties under this section;
(c) Detailed description of eligible applicants approved for loan assistance for the current year; and
(d) Schedule of all eligible projects for which loan assistance was provided under this act, detailing status of progress, start date, anticipated completion date, benchmark achievements, and any modifications to the original application after receipt of the loan assistance.
SECTION 2. This act shall take effect and be in force from and after July 1, 2026.
